eVTOL aircraft developer Horizon Aircraft is being sold to its shareholders by its parent company Astro Aerospace, a year after the company was acquired by Astro.
Astro has agreed to sell all of the equity of Horizon to a group of key shareholders in exchange for certain Astro public securities and a fraction of the ownership of the newly privatized Horizon .
Last week, Horizon Aircraft revealed it had completed work on a half scale prototype of its aircraft, the Cavorite X5. The company is also part of a US Air Force competition, AFWERX HSVTOL, to develop a concept, for a high-speed VTOL aircraft.
Canada-based Horizon said it is to continue with the testing of its 50%-scale prototype and designing a full-scale prototype as it enters the next phases of the AFWERX HSVTOL challenge that could offer up to US$35 million in funding over the next three years.
Horizon Aircraft was founded in 2008 and is developing the hybrid-electric Cavorite X5 to have an estimated top speed of 450 km/h (280mph) with a 500km (310 miles) range and a five passenger capacity. The Cavorite X5 uses fan-in-wing technology for horizontal flight.
Brandon Robinson, CEO of Horizon Aircraft said, “This mutually beneficial transaction will allow Horizon Aircraft to accelerate development of our highly innovative Cavorite X-series eVTOL aircraft in the private sector with access to more flexible funding mechanisms. Retaining Astro as a key shareholder and partner moving forward represents natural progression of this program that has seen tremendous success over this last year.”
“Horizon’s progress has been nothing short of outstanding over the last year with several grants, a USAF contract award, and a large-scale prototype ready to fly,” said Astro CEO Bruce Bent, “Astro is grateful to remain a strategic investor and partner as we collectively move towards building a better future.”
